公司金融复习公式

公司金融复习 第二章：财务报表、税收和现金表

The balance sheet(资产负债表)

Assets= Liabilities + shareholders' equity current assets; fixed assets :AssetsCurrent assets: cash; accounts receivable; inventory current liabilities; long-term debt Liabilities:Current Liabilities: Accounts payable; Notes

payable Owners' equity: common stock and paid-in surplus; retained earnings The income statement(损益表) Revenues – expenses = income EBIT= net sales – cost of goods sold – depreciation Taxable income = EBIT – interest paid Net income = taxable income – taxes=dividends + addition to retained earnings Earnings per share = net income/ total shares outstanding Dividends per share = total dividends/ total shares outstanding Average versus Marginal Tax Rates(平均税率和边际税率) Average tax rate=total taxes paid/ total taxable income Marginal tax rate: the amount of tax payable on the next dollar earned Cash flow(现金流量) NWC=current assets-current liabilities Cash flow from assets = cash flow to creditors + cash flow to stockholders 1 / 6 Cash flow from assets = operating cash flow-net investment in fixed assets-change in NWC operating cash flow=EBIT +depreciation-taxes net investment in fixed asset=ending net fixed assets-beginning net fixed assets + depreciation change in NWC=ending NWC – beginning NWC cash flow to creditors=interesting paid – net new borrowing cash flow to stockholders=dividends paid – net new equity raised 第三章：与财务报表相关的工作 Standardized financial statements(标准化的财务报表)

Common-Size Balance sheets(共同比报表)：用百分比代替具体金额的报表 Common-Size Income sheets(共同比损益表)：同上 Ratio analysis (比率分析) 短期偿债能力比率 Current ratio = current assets / current liabilities（流动比率）

Quick ratio = (current assets - inventory)/current liabilities(速动比率) Cash ratio = cash/current liabilities 长期偿债能力比率 Total debt ratio = (total assets – total equity)/total assets

Debt-equity ratio=total debt/total equity Equity multiplier = total assets/ total equity Times interest earned=EBIT/interest 2 / 6 Cash coverage ratio= (EBIT+ depreciation)/interest 资产管理比率或周转率 Inventory turnover=cost of good sold/inventory

Days' sales in inventory=365 days/inventory turnover Receivables turnover=sales/accounts receivable Days' sales in receivable =365 day/ receivable turnover Total asset turnover = sales/total assets Capital intensity=total assets/sales 获利能力比率 Profit margin = net income/sales

Return on assets (ROA)= net income/total assets Return on equity(ROE)= net income/total equity ROE=(net income/sales)*(sales/assets)*(assets/equity)(杜邦等式) 市场价值比率 EPS=net income/shares outstanding

Price-earnings ratio=price per share/earnings per share Price-sales ratio=price per share/sales per share Market-to-book ratio = market value per share/book value per share book value per share=book value of equity/shares 内部增长率和可持续增长率 Dividend payout ratio=cash dividends/net income（股利支付率）

Retention ratio=addition to retained earnings/net income=1- Dividend payout ratio 3 / 6 b) 盈利留存率 () 内部增长率 Internal growth rate=(ROA*b)/(1-ROA*b) () Sustainable growth rate==(ROE*b)/(1-ROE*b) ( 可持续增长率ROE=profit margin * total assets turnover * equity multiplier 第四章：货币的时间价值Future value factor=(1+r)t Present value factor=1/(1+r)t Basic present value equation: pv=fv/(1+r)t

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3 1000 FVPVPMTN1/Y -657.50 Solve for So we need invest 657.50 today 答题格式 第五章：折现现金流的价值评估 多重现金流的终值和现值根据贴现率计算即可-1)/r fv=c*((1+r)t))/r pv=c*(1-(1/(1+r)t 年金（区别普通年金和预付年金付款时间）pv=c/r 永续年金 -1

（名义利率）有效年利率EAR()=(1+quoted rate/m)m4 / 6 EAR(有效年利率)=(1+APR（贷款的年百分率）/12)-1 12贷款类型： Pure discount loans(纯贴现贷款) Interest-only loans(仅付息贷款) Amortized loans (分期摊销贷款) 第六章：利率与债券价值 用好这个公式即可 名义收益率与实际收益率（费雪效应）

1+R=(1+r)(1+h) R：名义收益率 r：实际收益率 h：通货膨胀率 第七章：股票市场与股票定价 P=D/(R-g) g为股利增长率 R为要求收益率 t+1t 考试有关事项 1 零息债券必出题 2 债券面值若未指出默认1000 3 未给出付息频次则默认年付息 4 计算结果统一保留两位小数 5 P198 T23 会考类似 个人建议选做习题 第二章 4 5 6 8 9 11 14 15 19 20 22

第三章 1 2 3 4 5 6 7 13 16 17 22 23 25 27 30 34 36 38 42 44 第四章 1 4 7 18 26（熟练掌握财务计算器用法即可） 5 / 6 第五章 1 2（各做一问即可）10 13 19 20 22 23 30 31 35 44 46 48 55 58 第六章 3 4 5 9 11 15 16 18 20 21 22 23 25 26 28 31 32

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